Altair Engineering Inc. (NASDAQ:ALTR – Get Rating)’s stock price gapped up prior to trading on Friday after Loop Capital raised their price target on the stock from $60.00 to $70.00. The stock had previously closed at $56.57, but opened at $58.50. Altair Engineering shares last traded at $59.71, with a volume of 80,183 shares traded.
Separately, Needham & Company LLC initiated coverage on shares of Altair Engineering in a research report on Wednesday, November 16th. They issued a “buy” rating and a $60.00 target price on the stock. One investment analyst has rated the stock with a sell rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $60.67.
Insiders Place Their Bets
In other Altair Engineering news, CEO James Ralph Scapa sold 35,000 shares of the firm’s stock in a transaction on Monday, January 9th. The shares were sold at an average price of $48.45, for a total value of $1,695,750.00. Following the sale, the chief executive officer now owns 83,962 shares of the company’s stock, valued at approximately $4,067,958.90. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other news, major shareholder Jrs Investments Llc sold 15,000 shares of Altair Engineering stock in a transaction dated Wednesday, February 15th. The shares were sold at an average price of $57.70, for a total transaction of $865,500.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO James Ralph Scapa sold 35,000 shares of Altair Engineering stock in a transaction dated Monday, January 9th. The shares were sold at an average price of $48.45, for a total transaction of $1,695,750.00. Following the sale, the chief executive officer now directly owns 83,962 shares in the company, valued at approximately $4,067,958.90. The disclosure for this sale can be found here. Insiders have sold a total of 150,000 shares of company stock valued at $7,803,000 in the last quarter. Insiders own 22.65% of the company’s stock.
Institutional Investors Weigh In On Altair Engineering
Large investors have recently modified their holdings of the stock. Quadrant Capital Group LLC boosted its stake in shares of Altair Engineering by 750.8% during the 2nd quarter. Quadrant Capital Group LLC now owns 553 shares of the software’s stock valued at $29,000 after purchasing an additional 488 shares in the last quarter. SeaCrest Wealth Management LLC bought a new stake in shares of Altair Engineering during the 2nd quarter valued at about $42,000. UBS Group AG boosted its stake in shares of Altair Engineering by 48.7% during the 4th quarter. UBS Group AG now owns 938 shares of the software’s stock valued at $43,000 after purchasing an additional 307 shares in the last quarter. Nisa Investment Advisors LLC boosted its stake in Altair Engineering by 15.7% during the second quarter. Nisa Investment Advisors LLC now owns 2,140 shares of the software’s stock worth $112,000 after acquiring an additional 290 shares in the last quarter. Finally, Counterpoint Mutual Funds LLC bought a new stake in Altair Engineering during the fourth quarter worth about $123,000. Institutional investors own 61.66% of the company’s stock.
Altair Engineering Stock Performance
The company has a debt-to-equity ratio of 0.57, a quick ratio of 2.35 and a current ratio of 2.35. The firm’s 50 day moving average is $51.13 and its 200 day moving average is $49.61.
About Altair Engineering
Altair Engineering, Inc engages in the provision of software and cloud solutions for product design & development, high performance cloud computing, and data intelligence. It operates through the following segments: Software and Client Engineering Services. The Software segment includes a portfolio of software products, as well as solvers and optimization technology products, modelling and visualization tools.